After the rapid price resurgence witnessed in the last few days, Bitcoin has slowed down on its daily price surge but has retained its position on the upside.
While these positive movements have seen the Bitcoin ecosystem witness soaring optimism, whales have continued to scoop up the token amid rising demand from retail and institutional investors.
On Thursday, December 5, on-chain tracking platform Whale Alert identified massive Bitcoin withdrawals involving over 2,000 BTC, in suspected large buying activities from the world’s largest cryptocurrency exchange, Binance.
According to data provided by the tracker, the Bitcoin transfers, which happened in two separate transactions in batches of 1,000 BTC each, were worth a combined total of $185,165,469.
The move, which has come at a time when Bitcoin has continued to see strong daily gains, has sparked interest across the market, signaling renewed optimism and shifting stances on Bitcoin’s long-term price outlook.
Are Bitcoin whales returning?
With the large Bitcoin withdrawals from Binance coinciding with the crypto market’s positive momentum, it appears that whale activities are growing, and it has contributed significantly to the asset’s price resurgence.
The transfers have caught the attention of the crypto community, as large Bitcoin withdrawals like this have been rarely spotted over the past weeks. With Bitcoin facing a prolonged price correction during the period, the tracker had only reported more transactions that appeared to be major sell attempts.
Although the mysterious nature of both transfers makes it difficult to confirm whether they were buy attempts or mere institutional redistribution, large amounts of cryptocurrencies being moved out of crypto exchanges like Binance are often traced to major purchases from high-profile holders or institutions.
Bitcoin slows down after reclaiming $94,000
Following the massive price declines witnessed throughout the last month, Bitcoin had plunged so hard, retesting its multi-month low of $80,659.
However, the leading cryptocurrency has seen a rapid shift in market sentiments, with its price showing massive daily gains of over 10% in the past days.
While the massive price resurgence has restored momentum to the Bitcoin ecosystem, the asset has slowed down on its uptrend, showing only a brief decline of 0.8% in the last 24 hours, trading at $91,978 as of press time, according to data from CoinMarketCap.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team